On March 13–14, President and Mrs. Barack Obama will host Prime Minister and Mrs. David Cameron for an official visit and a state dinner. While the United States will never match the royal pageantry and majestic backdrop of last year’s state visit in London...

Crisis? What crisis? This week the European Central Bank (ECB) unleashed a second tidal wave of inexpensive, three-year loans—long-term refinancing options (LTROs)—with more relaxed collateral requirements. Eight- hundred European banks, large and small,...